in the next week. Officials said in early November that negotiations would commence in mid-December. At minimum we should see news that the talks have started and there should be some reporting on the terms of the contract. With holidays at month end, I think the mid-December time table is one they'll want to keep.
Kinross should be making some noise very soon about their pre-feasibility study for FDN. You'd think they want to hit the ground running with regard to negotiations; either way the study ought to be available soon. Meanwhile, some firms (eg. Salazar) are making further investments in Ecuador which is good to see. Take note Alca, and the schedule says "payable on or before..." Wouldn't it be nice to see Alca's payment ahead of the drop dead date; it's the least they can do.
Department of Non-Renewable Natural Resources has ready the model of “Mining Contract"
Friday, November 05, 2010 17:15 AA Presidency of the Republic
Quito (Pichincha).-El Department of Non-Renewable Natural Resources, through the Vice Ministry of Mines, has ready the "Mining Contract" that will be negotiated with the mining companies that are in the exploitation phase. The vice minister of Mines, Luis Bustamante Hunters, indicated that the contract has been elaborated jointly with the Internal Revenue Service (IRS), Department of Environment, Office of the Secretary of Towns, Ministry of Finance, and National Office of the Secretary of the Water (Senagua), by having areas of competence in the mining activity.
The terms of the contractual document will be made known after the minister of not Renewable Natural Resources, Wilson Morris Pástor, sign the respective ministerial agreement, as provided in Article 41 of the Mining Act.
Bustamante said that the model contract is directly related to provisions of the Mining Act and the Fair Tax. This signifies that in the document contains the royalty payment, as well as that of the extraordinary profits.
He said that the "Mining Contract" should be signed by the mining companies that have large-scale projects and industrial mining, that are in phases of exploitation and whose concessions were acquired before to the force of the current Mining Law (January of 2009).
In the list they are the five strategic respected projects, that are in the phase of exploration advanced: Fruta del Norte (Kinross Aurelian); Quimsacocha (IAMGOLD S.A.); Rio Blanco (San Luis Mineral S.A.), Mirador (Ecuacorriente); and Panantza San Carlos (Explorcobres S.A.).
The projects Fruta del Norte, Quimsacocha and Rio Blanco they possess reserves of gold and silver, while the projects Mirador and Panantza San Carlos they have reserves of copper.
For the negotiation, predicted to initiate in mid-December, the Department of Non-Renewable Natural Resources and the Vice Ministry of Mines are forming teams of foreign and national professionals.
Vice Minister Luis Bustamante said that once the model contract is formalized, it will socialized with the representatives of the mining businesses that operate in the country. /Min. Non-Renewable resources.
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Ministerio de Recursos Naturales No Renovables tiene listo el modelo de “Contrato de explotación minera”
Viernes, 05 de Noviembre de 2010 17:15 AA Presidencia de la República
Quito (Pichincha).-El Ministerio de Recursos Naturales No Renovables, a través del Viceministerio de Minas, tiene listo el “Contrato de explotación minera” que será negociado con las compañías mineras que se encuentren en la fase de explotación.
El viceministro de Minas, Luis Bustamante Monteros, indicó que el contrato ha sido elaborado conjuntamente con el Servicio de Rentas Internas (SRI), Ministerio de Ambiente, Secretaría de Pueblos, Ministerio de Finanzas, y Secretaría Nacional del Agua Senagua), por tener ámbitos de competencia en la actividad minera.
Los términos del documento contractual serán dados a conocer luego de que el ministro de Recursos Naturales No Renovables, Wilson Pástor Morris, suscriba el respectivo acuerdo ministerial, tal como establece el artículo 41 de la Ley de Minería.
Bustamante dijo que el modelo de contrato está directamente relacionado con lo que establece la Ley de Minería y la Ley de Equidad Tributaria. Esto significa que en el documento constará el pago de la regalía, así como el de las ganancias extraordinarias.
Precisó que el “Contrato de explotación minera” deberá ser firmado por las compañías mineras que tienen proyectos a gran escala y de minería industrial, que estén en las fases de explotación y cuyas concesiones fueron adquiridas con anterioridad a la vigencia de la actual Ley de Minería (enero de 2009).
En la lista están los cinco proyectos considerados estratégicos, que están en la fase de exploración avanzada: Fruta del Norte (Kinross Aurelian); Quimsacocha (Iamgold S.A.); Río Blanco (San Luis Minerales S.A.), Mirador (Ecuacorriente); y Panantza San Carlos (Explorcobres S.A.).
Los proyectos Fruta del Norte, Quimsacocha y Río Blanco poseen reservas de oro y plata, mientras que los proyectos Mirador y Panantza San Carlos tienen reservas de cobre.
Para la negociación, prevista a iniciar a mediados de diciembre próximo, el Ministerio de Recursos Naturales No Renovables y el Viceministerio de Minas están conformando equipos integrados por profesionales nacionales y extranjeros.
El viceministro Luis Bustamante indicó que una vez que el modelo de contrato esté oficializado, se lo socializará con los representantes de las empresas mineras que operan en el país./Min. Recursos no Renovables
Link:
https://www.elciudadano.gov.ec/index.php?option=com_content&view=article&id=18381:ministerio-de-recursos-naturales-no-renovables-tiene-listo-el-modelo-de-contrato-de-explotacion-minera&catid=1:actualidad&Itemid=42